Wave and Tidal Energy Market to Generate a Revenue of US$ 10,064.6 Million by 2031
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As per the estimates of Astute Analytica, during the projection period, the global wave and tidal energy market are likely to grow owing to a rise in demand for renewable energy sources. Due to the fact that it emits no greenhouse gases, tidal energy is regarded as a green energy source. In order to fulfill the growing demand for sustainable energy, a number of players operating on the global market have begun implementing various tactics to optimize the use of the advanced technology already in place.
The research emphasizes the potential of wave and tidal energy as a significant part of the global mix of renewable energy sources by focusing on the existing and anticipated total energy production capacity, government investments, segmental analyses, obstacles, competitive landscape, and market trends.
The analysis indicates that as of 2021, there were roughly 530 MW of wave and tidal energy built worldwide. From 2023 to 2031, the installed capacity is likely to increase at a CAGR of about 43%, reaching a total installed capacity of more than 2,238 MW. Technological developments, rising investments, and supportive policies to encourage the use of renewable energy sources are the main drivers of this expansion.
Numerous public and corporate organizations have boosted their investments in the search for new, sustainable energy sources. This factor is driving the global market. For instance, the U.S. Department of Energy (DOE) has recently funded wave and tidal energy projects to the tune of more than US$ 100 million, and it has plans to continue supporting research and development programs. Additionally, the U.K. government has allocated £160 million (US$ 172 Mn) for developing tidal and wave energy projects in an effort to produce 30% of the nation's electricity from offshore renewable sources by 2030.
Tidal Technology to Attain the Highest Revenue Share
The tidal energy segment is likely to witness the highest CAGR of 43.3% due to a number of elements, such as scientific developments, predictability, energy density, government backing, and positive environmental effects. These elements have laid a solid foundation for the tidal energy market's rapid expansion during the ensuing years.
In addition, the expansion of the tidal energy sector is anticipated to open up new avenues for investment and job creation in coastal regions, having a favorable influence on the economy and the environment. As nations and organizations cooperate to share knowledge, resources, and best practices in the development and deployment of tidal energy projects, this advancement will also promote international cooperation.
Tidal and Wave Energy is Majorly Utilized in Power Generation
In 2022, the power generation segment held a significant share of 81.5% in the global wave and tidal energy market. The segment is likely to generate a robust CAGR growth of 43.2%. The growth of power generation segment is growing by the rising need for sustainable energy sources and the mounting concern over climate change.
Tidal energy has the ability to offer a sizable amount of renewable energy while assisting in lowering reliance on fossil fuels. Furthermore, wave and tidal energy can use to produce electricity for far-flung regions and offshore sites where traditional power sources might not be accessible. Particularly in regions with high tidal ranges, like Europe and the Asia Pacific, the power generation market is anticipated to have significant expansion.
Asia Pacific Holds Enormous Growth Opportunities in the Market
Asia Pacific held a market share in the growth of the global wave and tidal energy market in 2021. In order to facilitate the development of marine energy technology in the region, it is likely that public funding programs, environmental constraints, governmental initiatives, and competition will all be important factors. Manufacturers have been actively involved in the development of both new designs and new production processes to meet the rising demand for renewable energy.
Asia Pacific is the most significant and profitable wave and tidal energy market. Significant economic growth, public awareness, the availability of resources, and developments at open test sites are all expected to contribute to the market's expansion throughout the course of the projection period. The IEA said in 2019 that the region's energy demand had surged by more than 80% from where it had been two decades before, making the need for alternative energy sources even more urgent. However, according to IRENA, although tidal power potential exists in Asia and Southeast Asia, it has not yet been completely realized.
China is becoming well-known in the wave and tidal energy markets. As a result of these modifications, China's national test sites underwent a number of adjustments in 2021. A small-scale site in the province of Weihai, Shandong; a full-scale tidal energy site in the province of Zhejiang; and a full-scale wave energy site in the province of Wanshan, Guangdong—are the three test locations where work is currently being done.
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Companies Landscape
Companies are opening branches or offices in new places to tap into the vitality of regions that would be in line with their needs. This will certainly improve their manufacturing skills and their safety and quality controls. Players may also form alliances with other businesses in an effort to diversify their technology offerings. According to Astute Analytica, the world's top tidal energy firms present their breakthroughs and tidal wave energy solutions. Each one has a different strategy and approach to tidal energy that will help create a future with more sustainable new energy.
Nova Innovation, a Scottish business, creates and markets cutting-edge tidal energy solutions. The revolutionary Tidal Energy Converter (TEC) from Nova Innovation uses submerged turbines to harness the power of tides. The generators that the turbines are attached to turn the tides' movement into electricity.
Orbital Marine Power focuses on the creation of tidal energy turbine technology. The O2, a cutting-edge floating turbine developed by the business, is the most potent tidal turbine in the world and can produce up to 2 MW of renewable energy. The technology used by Orbital Marine Power is a special floating tidal turbine created to offer a low-cost alternative for streamlined and affordable installation and maintenance.
List of Key Companies
Applied Technologies Company, Ltd.
Aquagen Technologies
BioPower Systems Pty. Ltd.
Blue Energy Canada Inc.
Carnegie Clean Energy Ltd.
Corpower Ocean AB
Eco Wave Power AB
Nova Innovation Ltd.
Ocean Power Technologies Inc.
Ocean Renewable Power Company, LLC
Orbital Marine Power
Pelamis Wave Power
SIMEC Atlantis Energy Ltd
Tidal Lagoon Plc
Verdant Power, Inc.
Other Prominent Players
Segmentation Outline
The global wave and tidal energy market segmentation focus on Type, Technology, Application, and Region.
By Type
Wave Energy
Tidal Energy
By Technology
Wave Energy
Floats or Pitching Devices
Oscillating Water Columns
Tapered Channel
Point Absorber
Attenuators
Terminator Device
Tidal Energy
Barrages or Dams
Tidal Fences
Tidal Turbines
By Application
Power Generation
Desalination
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
Saudi Arabia
South Africa
UAE
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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